Euro Integration Paper Notes

European Integration There are many benefits that could come from total economic and political integration of Europe. From an economic standpoint, integration began in 1951 when trade restrictions were dropped on coal and steel between Belgium, Germany, France, Italy, Luxembourg, and the Netherlands. These trade restrictions continued to drop until the eventual formation of the European Union. The formation of the European Union created a single market economy for the region, and it boasted the same benefits that come from international trade in general, such as cheaper products, more accessible foreign markets and an overall more efficient use of economic resources. After a period of continuous economic growth, the financial turmoil that erupted in the developed economies affected the economies of the least developed countries. While these countries were on a path of recovery from the global financial crisis, a new crisis rose to threaten the region under a different set of circumstances. Particularly, the recent debt crisis in Greece could cause other countries in the region to become susceptible to financial turbulence. This is mainly due to financial integration between Greece and other EU countries, and the sharing of foreign owned banks, which will probably lead to an entire slowdown in economic activity in the region. It has now become imperative for all members of the European Union to work together to create policies that agree on common goals and values throughout the continent. One way to overcome disorientation throughout the region is to have the European commission, the executive body of the EU constantly reminding citizens of their plans to overcome adversity such as “Europe 2020”- The Europeans 10 year growth strategy implemented in 2010. Europe 2020 looks to create a smart, stable and inclusive economy. By reinforcing these ideas, the European commission should be able to help the European Union and other member countries deliver high levels of employment, productivity and social cohesionwhich could increase integration. One thing that I believe is essential for the future of European integration is having all member nations convert to using the euro. The euro is the single currency shared by 19 of the European Union's Member States, which together make up the euro area. The introduction of the euro in 1999 was a major step in European integration. It has also been one of its major successes, and could be a source of continuing integration efforts if adopted as the official currency of more EU countries. Secondly, the creation of a unified healthcare system could lead to increased integration. Having a cross-border healthcare system could increase travel throughout the continent, which could intern increase social cohesion. Also, having a cross border healthcare system that promoted travel could increase economic activity throughout the region. People would feel safer crossing their own borders, knowing they would be safely taken care of if something were to go wrong. To conclude, one final thing that could benefit the future of European integration is holding different conferences and seminars, like the European Forum Alpbach that bring together people from all around Europe and the world to discuss current problems and look for solutions.